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Casino Profits Surge in 2017

April 10th, 2018 8:26 AM

ATLANTIC CITY — The city’s casinos saw a 22.5 percent
jump in gross operating profits in 2017 and a 5 percent increase in net gaming
revenue over the previous year, according to state gaming numbers released
Monday.

Nearly all of the city’s seven operating casinos made
significant gains in 2017, according to data from the state Division of Gaming
Enforcement, reporting nearly $133 million more in gross operating profit than
in 2016, when there were eight casinos open in the city. Trump Taj Mahal Casino
Resort closed in October 2016.

Overall casino net revenue, including online gaming,
increased to more than $2.67 billion for the 12-month period ending Dec. 31,
compared with $2.5 billion among current operators for the same period in 2016.

Internet gaming accounted for more than $25 million in
operating profits in 2017.

Borgata Hotel Casino & Spa once again led the way,
reporting more than $290 million in profits last year, up 19.5 percent.

Tropicana Atlantic City saw the largest percentage
increase in both profit and net revenue in 2017 compared to 2016. The casino
reported nearly $92 million in profit in 2017, while in 2016 the figure was
just shy of $54 million, an increase of 71 percent. Trop’s net revenue
increased 12.1 percent to $386 million in 2017.

Harrah’s Resort, while reporting the only profit decrease
last year, still took in more than $115 million. The year prior, it reported an
operating profit of more than $119 million.

Resorts Casino Hotel — which is celebrating its 40th
anniversary this year — experienced a 23.6 percent increase in operating profit
in 2017. The city’s first casino took in $23.165 million in profits last year,
compared with $18.7 million in 2016.

The fourth quarter of 2017 also saw significant gains
over the same period in 2016. Net revenue was up 2.9 percent last year compared
to the prior year, while operating profits increased $43 million, or 36.5
percent, to $161.5 million in the final quarter.